Hello all,
Better late then never! I have attached my draft steps 7 to 10 for your review. I Would really love any feedback you could provide and happy to return the favour.
All the best
ACCT11059 - Accounting, Learning and Online Communication
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ACCT11059
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Rochelle Burney 
PEER FEEDBACK SHEET: Assignment Steps 3-5
Feedback From: Victoria Gillies
Feedback To: Rochelle Burney .
My Comments
Step 7 You have clearly discussed the inventory step; all of the elements of the assignment have been discussed. I liked your reasoning as to why you came up with the perpetual method, rather than periodic and your reasonings behind what type of inventory management your company utilizes. I also found it difficult to look through the information and find which method the company uses. I really liked how you looked beyond the words written on the statements and used your knowledge and learning towards the subject to explain your reasoning. Great work!
Inventories
Step 8
MYOB Set-up
MYOB Training skills
MYOB Quiz You have provided many screen-shots of your training and set-up on MYOB. It was pretty cool how you used your own business! I think that it gives a much more realistic approach towards the type of transactions that business such as; Peak Electrical and Air Conditioning uses. You also received 100% on your MYOB skills test – congratulations!
Step 9 You have provided all of the financial statements as well as the all journal report. You have clearly discussed each of the reports in great depth. I think that you could possibly talk more about how they link together to form a ‘bigger picture’ of accounting. You could also discuss possible ratios which are a helpful tool business use to analyse and create more value in their future economic events? I also liked how you talked about making improvements to your transactions and making them more realistic. I also found that certain elements within my accounts seemed a bit unrealistic as well 😊.
Business transactions
All Journals report
Financials and discussion
Step 10
Depreciation You have determined and accurately stated which method of depreciation that your company uses – straight line. You have also included each of the estimated life-span of the business. I would, however, include the three depreciation transactions of your business. Just reminding you to put them in as it is part of this step, it will also prove your learning of depreciation. 😊
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Overall Overall, you have put a lot of time and effort into the assignment, you have clear and an in-depth understanding of each of the concepts covered. If you wanted to I would probably just elaborate more on how each of the statements create a bigger picture and if you wanted to talk about the ratios which are a useful tool and effective way of measuring the businesses future and structure. For depreciation I would just make sure that you have 3 transactions of depreciation, just to further demonstrate your understanding of the concept. You have done a great job!
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You have done great research about inventories of your company. Great work
Good work
Financial discussion is well and analysed in detail.
Your information about current assets, non currents assets and depreciation were well done.
Overall, it’s a great draft
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Step 7
I really admire your persistence to dig extremely deep into your annual reports to find enough information to assume FIFO and perpetual methods of inventory cost of sales and tracking methods. I really cannot express enough sympathy for the frustration you must have felt at some points, but you preserved! You legend!
Step 8
You have really fleshed out this section with extra screenshots and you managed the quiz in 3m 30sec, which is very quick and shows proficient understanding.
Step 9
You have again fleshed out each statement with extra detail with a unique discussion points in all of them, I specifically like that your comments about how short these statements are. Excellent!
Step 10
You have ascertained that your company engages in the straight-line depreciation method. I could not find your 3 hypothetical journal entries in your draft.
Final Comment
You have done an outstanding job Rochelle, my assessment feels a little underwhelming by comparison, haha. Very good!
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Thanks Jack, I really appreciate your feedback and thanks so much for forwarding through those videos for me. I have completed step ten however I was questioning if they were correct and found the video very helpful. Cheers and all the best with the rest of your studies
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